Exhibit 99.1

WILLIAM LYON HOMES REPORTS

FOURTH QUARTER AND FULL YEAR 2012 RESULTS

Financial Highlights

2012 Fourth Quarter and Comparison to 2011 Fourth Quarter

2012 Full Year and Comparison to 2011 Full Year

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NEWPORT BEACH, CA—March 11, 2013—William Lyon Homes reported significantly improved operating results for the fourth quarter and year ended December 31, 2012, as compared to the prior year periods.

Net new home orders for the fourth quarter ended December 31, 2012 were 229, up 76% from 130, for the fourth quarter ended December 31, 2011. Net new home orders for the year ended December 31, 2012 were 1,131, an increase of 69% as compared to 669 for the year ended December 31, 2011. The increase in net new home orders is primarily attributable to an 80% increase in the Company’s weekly absorption rate to 0.9 per sales location for the fourth quarter of 2012 compared to 0.5 per sales location in the prior year quarter, and a 71% increase to 1.2 per sales location for the year ended December 31, 2012 compared to 0.7 per sales location during 2011.

General William Lyon, Executive Chairman and Chairman of the Board stated, “We are extremely pleased with the 2012 operating results spurred by improving market conditions and improving homebuyer demand in all of our markets. With the increase in net new home order activity, we ended the year with 406 units in backlog, up 192% over last year, with a dollar value of $115.5 million, up 294%.”

The number of new home deliveries for the fourth quarter ended December 31, 2012 was 323, up 76% as compared to 184 for the fourth quarter ended December 31, 2011. The number of new home deliveries for the year ended December 31, 2012 was 950, an increase of 55% as compared to 614 for the year ended December 31, 2011.

William H. Lyon, Chief Executive Officer, noted, “We have been increasing pricing and reducing sales incentives, and as a result, our average sales prices are trending upward from $285,900 during the third quarter of 2012 to $305,400 in the fourth quarter. We are implementing our growth strategy and expect to open 23 new communities in 2013, and anticipate ending the year with 35 sales locations. The Company will open one new community during the first quarter of 2013, and expects to end the quarter with 23 sales locations, compared to 23 in the prior year, including Colorado.”

Home sales revenue increased 67% to $98.6 million for the quarter ended December 31, 2012, as compared to $59.0 million for the comparable period a year ago. Home sales revenue increased 26% to $261.3 million for the year ended December 31, 2012, as compared to $207.1 million for the comparable period a year ago. The increase in revenues for the year ended December 31, 2012 is due to a 55% increase in deliveries offset by an 18% decrease in average sales price of homes

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closed, due to product mix. On a same store basis, average sales prices increased 6% from $312,400 in the fourth quarter of 2011 to $332,000 in the fourth quarter of 2012. The increase in fourth quarter deliveries was driven by a 115% increase in the number of homes in backlog at the beginning of the quarter compared to the prior year period.

For the quarter ended December 31, 2012, the Company’s adjusted homebuilding gross margin percentage increased to 29.5% from 18.1% for the quarter ended December 31, 2011. For the year ended December 31, 2012, the Company’s adjusted homebuilding gross margin percentage increased to 25.8% from 19.6% for the year ended December 31, 2011.

The Company recorded net loss available to common shareholders of $(2.2) million, or $(0.02) per share in the fourth quarter of 2012, well above the prior year net loss of $(131.3) million. However, excluding the loss on extinguishment of debt of $2.4 million and the charge related to stock based compensation of $3.7 million, the Company recorded net income available to common shareholders in the fourth quarter of $3.9 million, or $0.02 per share. The Company improved its adjusted EBITDA to $19.1 million during the fourth quarter of 2012 compared to negative adjusted EBITDA of $(14.6) million in the prior year.

Matthew R. Zaist, President and Chief Operating Officer stated, “The Company’s adjusted homebuilding gross margins were almost 30% for the quarter, near the highest among our peers. In addition, we continue to see positive returns with fourth quarter adjusted EBITDA of $19.1 million. With results well above prior year, continued improving sales rates and increasing prices, and close to 12,000 lots owned and controlled, we anticipate continued success in 2013 and beyond.”

In the fourth quarter, the Company entered into two transactions that improved its overall balance sheet and capital structure. On October 12, 2012, the Company issued Common and Convertible Preferred Stock for $30,000,000 in cash. On November 8, 2012, the Company issued $325.0 million of 8 ¹/₂% Senior Notes, which refinanced all of the Company’s outstanding debt, lowered the effective cost of capital and extend maturities until 2020.

On December 7, 2012, the Company acquired various entities which operate under the Village Homes name in the Denver and Fort Collins metropolitan areas of Colorado. Village Homes immediately began operating as a division of the Company, as its Colorado segment. The Village Homes brand was established in 1984 and has been a leading developer and builder of move-up homes, selling more than 10,000 homes over the past 25 years. At the time of acquisition, Village Homes had five actively selling communities and owned and controlled over 700 residential lots. In addition, Village Homes’ backlog of homes sold, but not yet closed, was approximately $34 million out of five active selling communities. Its average selling price for 2012 year-to-date was approximately $380,000.

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William H. Lyon added, “We are very proud of our numerous accomplishments in 2012. With lower cost of capital, the addition of Village Homes operations in Denver, and improved market conditions in all of our markets, we feel very well positioned to take advantage of the opportunities ahead.”

Financial data included herein as of and for the three months and year ended December 31, 2012, includes Colorado operations from December 7, 2012 (date of acquisition) through December 31, 2012. There were no operations in our Colorado division as of or for the year ended December 31, 2011, therefore year over year comparisons are not meaningful (“N/M”) as indicated in the comparative tables in a schedule attached to this release.

Selected financial and operating information for the Company is set forth in greater detail in a schedule attached to this release.The Company will hold a conference call on March 14, 2013 at 11:00 a.m. Pacific Time to discuss the fourth quarter and year end 2012 results. The dial-in number is (866) 510-0712 (enter passcode number 48974366). Participants may call in beginning at 10:45 a.m. Pacific Time. In addition, the call will be broadcast from William Lyon Homes’ website at www.lyonhomes.com in the “Investor Relations” section of the site. The call will be recorded and replayed beginning on March 14, 2013 at 1:00 p.m. Pacific Time through midnight on April 12, 2013. The dial-in number for the replay is (888) 286-8010 (enter passcode number 68190749).

William Lyon Homes is primarily engaged in the design, construction and sales of new single-family detached and attached homes in California, Arizona, Nevada and Colorado and as of December 31, 2012 had 23 active sales locations. The Company’s corporate headquarters are located in Newport Beach, California. For more information about the Company and its new home developments, please visit the Company’s web-site at www.lyonhomes.com.

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Certain statements contained in this release that are not historical information contain forward-looking statements. The forward-looking statements involve risks and uncertainties and actual results may differ materially from those projected or implied. Further, certain forward-looking statements are based on assumptions of future events which may not prove to be accurate. Factors that may impact such forward-looking statements include, among others, changes in general economic conditions and in the markets in which the Company competes, terrorism or hostilities involving the United States, changes in mortgage and other interest rates, changes in prices of homebuilding materials, weather conditions, the occurrence of events such as landslides, soil subsidence and earthquakes that are uninsurable, not economically insurable or not subject to effective indemnification agreements, the availability of labor and homebuilding materials, changes in governmental laws and regulations, the timing of receipt of regulatory approvals and the opening of projects, and the availability and cost of land for future development, as well as the other factors discussed in the Company’s reports filed with the Securities and Exchange Commission.

As a result of the consummation of the Prepackaged Joint Plan of Reorganization on February 25, 2012, the Company adopted Fresh Start Accounting in accordance with Accounting Standards Codification No. 852, Reorganizations. Accordingly, the financial statement information prior to February 25, 2012 is not comparable with the financial statement information for periods on and after February 25, 2012. Any reference hereinafter to the “Successor” reflects the operations of the Company post-emergence from February 25, 2012 through December 31, 2012 and any reference to the “Predecessor” refers to the operations of the Company pre-emergence prior to February 25, 2012.

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WILLIAM LYON HOMES

SELECTED FINANCIAL AND OPERATING INFORMATION

(unaudited)

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WILLIAM LYON HOMES

SELECTED FINANCIAL AND OPERATING INFORMATION

(unaudited)

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WILLIAM LYON HOMES

SELECTED FINANCIAL AND OPERATING INFORMATION

(unaudited)

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WILLIAM LYON HOMES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except number of shares and per share data)

(unaudited)

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WILLIAM LYON HOMES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except number of shares and per share data)

(unaudited)

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WILLIAM LYON HOMES

CONSOLIDATED BALANCE SHEETS

(in thousands, except number of shares and par value per share)

(unaudited)

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WILLIAM LYON HOMES

SUPPLEMENTAL FINANCIAL INFORMATION

(unaudited)

SELECTED FINANCIAL DATA (dollars in thousands):